The Life Insurance Corporation (LIC) has offered a line of credit (LoC) worth Rs 1.25 trillion to NHAI to fund highway projects. The LoC is valid through 2024. The funds will be used to help finance the Rs 8.41 trillion Bharatmala programme. The ministry has proposed financing the programme through toll revenues, market borrowings, private sector participation, insurance funds, pension funds, masala bonds and other initiatives including the proposed LIC credit line. Reportedly, the borrowings from LIC will be in the form of bonds to be issued by NHAI.
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